A toy manufacturing company currently produces 100 toys each day. The workers at that company earn $15 per hour. However, the government establishes a minimum wage of $24 per hour. The company cannot afford to keep all its workers, so it lays off some employees. How many people lose their jobs?

Given:

produces 100 toys each day

workers at that company earn $15 per hour

minimum wage of $24 per hour

Required: How many people lose their jobs?

Solution:

assuming that in a day, 8 hours of work is required,

100 toys per day (1 day / 8 hours) = 12.5 toys

workers at that company earn $15 per hour (8 hours) = $120

minimum wage of $24 per hour (8 hours) = $192

120/192 x 100% = 62.5%

100 - 62.5 = 37.5

about 37.5% would lose their job